Budget 2016 – Navigating for the Future

December 15, 2015

December 15th 2015

The Town of Holyrood presents Budget 2016, Navigating for the future

Mayor Gary Goobie presented the Town of Holyrood’s Budget at the Council meeting on December 15th, 2015.

“Budget 2016 was prepared to ensure Holyrood is prepared to naviagate the fast streams of growth ahead,” annouced Mayor Gary Goobie. “Holyrood is successfully diversifying its economy through ocean sector development. We look forward to 2016 and to the bright future that lies ahead. Holyrood council continues to ensure optimum opportunities are charted for the Town to improve life for residents.”

In recognition of the increased property assessments this year (35.5% increase), Holyrood town council has reduced its residential mil rate by 1 mil from 7.5 to 6.5, this will provide residents with some relief from their tax burden.

Budget 2016 highlights include:
• Residential mill rate lowered from 7.5 to 6.5
• Total expenditures for 2016 $3,371,429 which represents an increase of 11% over 2015
• Despite the provincial housing starts down turn, holyrood saw an increase in housing starts in 2015 with new home constructions and 9 new businesses opening their doors
• Continued debt ratio of only 9.9%
• Commercial mill rate stays the same at 10 mils
• Adjustments will be made in the commercial mill rate to address the inequalities between business tax categories
• Addressing the increased cost of water and sewer, an additional $4 per month rate for water and sewer will be charged to each household.
• Budget 2016 accommodates total revenue of $3,371,429 an increase of 11% over 2015

Budget 2016 was prepared with residents in mind. Council and Staff of Holyrood are vigilant and relentless in their commitment to good fiscal management and have created sound financial conditions for the Town.